US, WASHINGTON (ORDO NEWS) — US President Donald Trump intends to introduce substantial duties on imported oil. This will happen if Russia and Saudi Arabia have not reached an agreement to reduce production.
This statement was made by the head of the White House during the briefing. Trump noted that US energy is completely independent of energy supplies from abroad, as the country has its own oil reserves.
However, according to the American leader, there is no need for duties – neither Russia nor Saudi Arabia benefit from the current market situation.
The cost of a barrel of Brent today since the opening fell by about 10%, but then recovered slightly.
Optimism regarding the resumption of the OPEC + meeting, which was to be held today, has waned. Over the weekend, it became known that she was postponed to Thursday. The parties need more time for discussion, in addition, Saudi Arabia and Russia are trying to attract as many countries as possible, including Mexico and Canada. In the meantime, Norway has already indicated its readiness to reduce production if other countries take such a step.
Amid falling demand and prices, major oil companies are resorting to all possible measures to survive the crisis. In recent weeks, giants such as ExxonMobil, BP, Royal Dutch Shell, Total and Equinor have increased their debts by $ 32 billion, writes the Financial Times. At the same time, they reduce costs and cancel the repurchase of shares. Here the Federal Reserve played into their hands. Its actions allowed to freeze a paralyzed debt market, and companies were finally able to attract borrowed funds.
Contact us: [email protected]
The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.